Mine was making that noise cause I had some how torn the cv boot on the front drive shaft. Probably with some brush or maybe a rock got thrown up there. I heard a quiet clunking all the time, in 4 wheel or not, and thought my ****** might be thinking about giving up. Then when I was down in Wv I had to ford a creek a couple of feet deep. Water got in the torn boot and that was it. Right after that it got even louder. Then it binded up twice. REALLY loud clunk. When I put it in 4 wheel it made a horrible racket. Took it in to Richards Trans in Akron. They are awsome. Drained and refilled my transfer case. All OK there. Then they found a new used front drive shaft in Wisconsin for 150 bucks. DC wanted, big surprise, about 550 for one!!
The whole job cost $190.
I would crawl under and see if you have a torn boot on the front drive shaft. Or damage to the rear. If not I hope it isn't your ****** or transfer case.